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The possibility of FET reclaiming $2.4 seemed likely to happen.
NEAR’s price increased by 5%, but a bigger rally might be around the corner.
After the market bounced back from its recent downturn, artificial intelligence tokens followed suit. Notable AI tokens like Fetch.ai (FET), Render (RNDR), and NEAR Protocol (NEAR) saw their daily price graphs turn green.
Although some of these tokens experienced significant increases, the majority only saw slight gains compared to the previous week’s decline.
Top-performing AI tokens
Due to a shift in investor attitude towards AI technology, several AI-related tokens experienced a surge in value. Consequently, the total worth of these tokens on the market expanded by over 7% within the past day.
In addition, FET stood out among other cryptocurrencies with a significant increase. The token’s price had jumped by over 11% within the past 24 hours. At this moment, it was being exchanged for $2.37 and boasted a market capitalization of over $2 billion.
A well-known cryptocurrency expert named CryptoTony shared on Twitter his belief that once FET surpasses the price mark of $2.4 again, there could be another exciting surge in investments for this digital asset.
To see whether that’s likely to happen, AMBCrypto analyzed its on-chain metrics.
According to Santiment’s findings, there was significant demand for FET as indicated by a notable increase in exchange outflows.
The amount of AI tokens available for purchase on exchanges decreased recently, signaling that investors were actively buying this token. At the same time, there was a persistent optimistic outlook regarding the AI token within the investment community during the past few days.
While FET showed impressive results, Render experienced more significant growth. In the past 24 hours, its price surged by more than 17%. At present, it is being traded at $9.42 and has a market capitalization exceeding $3.5 billion.
A look at RNDR’s metrics revealed what helped it to grow by 17% in a day.
The amount of RNDR tokens on exchanges decreased, but the quantity held off-exchange rose. This indicated that market demand for purchasing RNDR was stronger than the supply being offered for sale.
The AI token’s MVRV ratio also improved, supporting the price uptick.
NEAR is not on par
It was interesting to note that while FET and RNDR showcased promising performance, NEAR, the top AI token in terms of market cap, didn’t grow like others.
Based on data from CoinMarketCap, the value of NEAR tokens has risen by 5% in the past 24 hours. Currently, each token is worth approximately $5.85, and the total market capitalization of NEAR exceeds $6.2 billion.
Read NEAR Protocol’s [NEAR] Price Prediction 2024-25
Despite this, there were signs that NEAR could pick up steam based on some favorable market signals. For example, its Relative Strength Index (RSI) indicated a bullish trend.
The AI token’s Chaikin Money Flow (CMF) indicator was rising and moving closer to the neutral level, implying that NEAR could experience a significant price surge soon based on these signals.
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2024-04-15 17:11